Pepe Coin Price Hits New ATH, Why A Correction Looms?

Popular meme coin Pepe Coin price  (PEPE) has surged by over 14% in the last 24 hours, continuing to outpace all other leading meme coins in gains over the last fortnight. Currently priced at $0.00001021, PEPE is 26% higher than its value two weeks ago, making it the top-performing meme coin in this period.

Pepe Price Soars as Whale Investor Profits

Pepe Coin’s significant price increase has been accompanied by a notable rise in trading volume. In the last 24 hours, PEPE‘s trading volume reached $1,680,635,438, a 266.40% increase from the previous day. This surge in activity highlights growing investor interest and market activity surrounding the coin. The current price is a remarkable 18,380.81% higher than its all-time low of $0.00000005514, recorded on April 18, 2023.

Adding to the excitement, a prominent investor known as Pepe Whale has recently made substantial moves in the market. This whale deposited 250 billion PEPE, valued at $2.67 million, on the Binance cryptocurrency exchange. The whale initially acquired 474.95 billion PEPE for just $1,000 and has now realized a profit of $3.6 million following the recent deposit.

An early buyer of $PEPE deposited 250B $PEPE($2.67M) into #Binance for profits 55 mins ago.

He bought 474.95B $PEPE($4.8M) with a cost of only $1K.

His profit on $PEPE is ~$3.6M.https://t.co/w2J655MLUw pic.twitter.com/4PBKdiGVdo

— Lookonchain (@lookonchain) May 13, 2024

Also Read: Dogecoin (DOGE) Joins GameStop-Induced Rally With 10% Surge

Pepe Futures Open Interest Soars 13.08%

In contrast to PEPE’s impressive gains, the original meme coin Dogecoin (DOGE) has seen a modest 5.51% increase over the past fortnight, currently trading at $0.1428. None of the other top ten meme coins by market capitalization have achieved double-digit percentage gains in the same period. Despite its lower price increase, Dogecoin’s derivatives market trading volume is nearing $2 billion. Both long and short DOGE traders have placed positions, boosting the Open Interest (OI) rate by 4.86% over the past 24 hours.

The recent price action in the PEPE market has been marked by significant volatility. The last 24-hour price chart shows PEPE experiencing a noticeable rise in value. Technical indicators suggest bullish momentum, with the Relative Strength Index (RSI) edging closer to the overbought territory at a current level of 59.30. Additionally, the Klinger Oscillator, which has recently crossed from negative to positive, reinforces the potential for continued upward movement.

CoinGlass data reveals that Open Interest has soared by 13.08% to $112.33 million. This surge reflects increasing trader confidence in PEPE’s future performance. However, the rapid rise in open interest and trading volume can also indicate heightened speculative activity, which may lead to increased volatility and potential corrections.

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